you are welcome, slk. Q2 showing good recovery across all geo including the manufacturing segment. Looking forward to Q3 numbers :) And Q3 started off with strong July's export data for EE sector. Malaysia’s exports increased by 6.8% in July compared to the same month last year, significantly outperforming economists’ expectations of a 3.9% decline, according to government data released Tuesday. The unexpected growth was primarily driven by a surge in shipments of electrical and electronic products, the statistics department and trade ministry data showed. Trade with Singapore saw a substantial increase, with exports to the neighboring country jumping 22.2%. Exports to China also performed well, rising 6.8% year-on-year.

agreed, slk. I hope the management will reconsider share buyback and dividend decisions. The capital should be allocated to manufacturing segment growth. Nevertheless, I am using manufacturing segment total revenue in FY2024 as the baseline for monitoring; 42.32 mil per year or 10.5 mil per qtr if you will. 5% CAGR if it is 11 mil per qtr. Not going to be easy but at least a reference point on when it will go higher than 6th floor :) The recent two QRs showing that it has rebounded / cyclical growth. The growth will be structural when quarterly mfg revenue is at 10.5 mil or higher. just my opinions, could be wrong.

Additionally, you may want to take note of one of the positive developments in the balance sheet too :) The contract liabilities for Q1FY2025 is off to a great start ~18mil comparing to 9.1mil in Q1FY2023 and 14.3mil in Q1FY2024. Barring any unforeseen circumstances, this is normally a good leading indicator for QES as can be seen in FY2021 and FY2022 :) Contract liabilities consists of two items (1) annual maintenance contract (2) customer deposits which is the bigger portion of the contract liabilities. Both the products/services have to be delivered within 12 months since its current liabilities.

A US appeals court has ruled that most tariffs issued by US President Donald Trump are illegal, setting up a potential legal showdown that could upend his foreign policy agenda. The ruling affects Trump's so-called "reciprocal" tariffs, imposed on most countries around the world, as well as other tariffs slapped on China, Mexico and Canada.In a 7-4 decision, the US Court of Appeals for the Federal Circuit rejected Trump's argument that the tariffs were permitted under an emergency economic powers act, calling them "invalid as contrary to law".
The ruling will not take effect until 14 October, to give the administration time to ask the US Supreme Court to take up the case. https://www.bbc.co.uk/news/articles/ckgj7jxkq58o

Singapore and China were the main export destinations, contributing a combined 27.8 per cent to Malaysia’s total exports in August 2025.
Singapore remained the top export destination, accounting for 14.7 per cent of total exports. Exports to Singapore were valued at RM19.4 billion, an increase of 2.7 per cent or RM509.8 million compared to the previous year. This growth was driven by higher exports of electrical & electronic products (+RM952.0 million, +10.9%) as well as machinery, equipment and parts (+RM255.2 million, +15.2%). Meanwhile, exports to the China, which made up 13.1 per cent of total exports, amounted to RM17.2 billion, up RM1.6 billion or 10.4 per cent. The increase was supported by higher exports of electrical & electronic products (+RM580.5 million, +10.2%) and metalliferous ores and metal scrap (+RM498.1 million, +106.7%). Among the top ten export destinations, positive export growth was recorded for Singapore, China, the European Union, Taiwan, Thailand, Viet Nam and Australia. In contrast, the United States, Hong Kong and Japan registered declines in August 2025.